R&D Investment,Ownership Structure And Growth Of Enterprises

With the development of the times,technological innovation has become an important strategic way to improve social productivity and comprehensive national strength.It has also become the latest and most powerful force to promote economic growth.In the modern enterprise,technological innovation has been paid more and more attention as an important way to cultivate the core competitiveness of enterprises.R&D investment has become an important investment decision for the development of enterprises.At the same time,as the basis of corporate governance structure,the ownership structure will directly affect the efficiency of corporate governance.SMEs as an important force to stimulate economic growth and absorb social employment,is an important part of China's market economy.Studying the growth of small and medium-sized enterprises is conducive to maintaining the healthy development of small and medium enterprises,alleviate the pressure of employment and promote market prosperity.Therefore,this article takes small and medium enterprises as the example to study R&D investment,ownership structure,the growth of SMEs and the relationship among three variables in order to make constructive policy recommendations that can improve the growth of small and medium-sized enterprises.In order to explore the impact of R&D investment on the growth of the enterprises and the impact of ownership structure on the relationship between the two variables,this paper uses a combination of theoretical research and empirical research.First of all,this article puts forward the current situation of SME growth,the importance of R&D investment and the present research status of R&D investment.Secondly,it reviewed the literature about R&D investment and the growth of enterprises,R&D investment and the structure of ownership,the structure of ownership and the growth of enterprises,and gave a brief comment.And then it defines the definition of R&D investment,ownership structure and the growth of enterprises,based on the theory of principal-agent theory,technological innovation theory and business growth theory.The article combined with the existing literature on the relationship between R&D investments and the growth of enterprises as well as the relevant hypothesis that the ownership structure regulates the relationship between the two.Then this article carries on the demonstration analysis,the correlation analysis,the multiple collinearity analysis as well as the multiple linear regression and other empirical analysisThis article selects the SME board listed companies 2012-2016 financial data for the study sample.Finally,the empirical results show that: First,there is a significant positive correlation between R&D investment and the growth of enterprises,that is,more R&D investment is more conducive to the long-term development of enterprises.Second,ownership concentration positively adjusts the relationship between R&D investment and the growth of enterprises.It shows that the higher the proportion of shares held by the largest shareholder,the more positive impact of R&D investment to promote the growth of enterprises.Thirdly,the equity balance negatively regulates the relationship between R&D investment and the growth of enterprises,indicating that the higher the equity balance of the largest shareholder among the second to the tenth largest shareholders will restrain the promotion that R&D investment affect on the growth of the enterprises.Finally,this paper summarizes the research results obtained from empirical analysis,and suggests that enterprises should strengthen their awareness of innovation and make corporate governance mechanisms better.The government should introduce policies to support R&D activities of enterprises so as to create a better R&D environment for enterprises.